Ruth Saldanha: There is no question that the social aspect of environmental, social and governance or ESG investing has gained significant traction in 2020. It began with worker rights, especially the rights of the generally minimum wage frontline workers during the pandemic. The spotlight then moved to “Black Lives Matter” in the wake of George Floyd’s horrific murder which was mirrored by similar issues here in Canada. However, the social aspect of ESG investing has been in the minds of many Canadian investors, mostly surrounding the rights of indigenous peoples who have been facing off with Canadian energy and mining companies for decades now. Last week Vancouver-based mutual fund company, Leith Wheeler, funded research by SHARE into the best due diligence practices for investors to assess free, prior and informed consent compliance when engaging with indigenous communities. Andrew Hoffman, Vice President and Portfolio Manager at Leith Wheeler Investment Counsel, is here today to talk about this.
Andrew, thank you so much for being here today.
Andrew Hoffman: Thank you for having me.
Saldanha: To begin with, what are some ways Canadian investors may be exposed to indigenous rights issues?
Hoffman: Yeah, that’s a good question. In the resource industries such as oil and gas exploration and transportation, as well as mining, less and less investors will see a company engaging in an activity that infringes on the rights of indigenous peoples directly. More and more what we are seeing is large companies taking minority interests in junior companies, a company entering into a joint venture with another company or simply one company acquiring another company. And what investors need to understand is that when these transactions occur, the targeted industry or project becomes the history of the acquirer. And that comes with both good and bad.
Saldanha: What are some Canadian companies that are exposed to these indigenous rights issues through independently managed operations or these indirect holding structures that you mentioned?
Hoffman: Well, you don’t hear a lot about the transactions that go well and there are many examples of that. For example, ATCO Industries constructed a 500-kilometer transmission line in Alberta. It was completed in 2019 on time and on budget, and not much more is heard about it. But what you do hear and read about are the ones that don’t go so well. A few examples would be Enbridge via their minority stake in the Dakota Access Pipeline project. This is the Standing Rock dispute. TC Energy or what used to be called TransCanada PipeLines via their Coastal GasLink project which is a link between Northeastern gas fields and LNG port in Kitimat BC. This is the issue with the Wet’suwet’en hereditary chiefs not being consulted. And Franco-Nevada who entered into an agreement with a company called Taseko for a portion of gold production from the New Prosperity mine in BC and in that case, the affected nation was the Tsilhqotʼin. These are just a few examples.
Saldanha: These issues are oftentimes complex. What are some tips for individual investors to help them keep abreast of these issues?
Hoffman: Well, it’s challenging, but in addition to reviewing public disclosures by companies and its business partners, investors may request specific information about how these companies incorporate indigenous rights considerations into their due diligence process and operations. And from that, hopefully, investors can make a decent assessment. There are no guarantees but what investors should be looking for is a demonstration to commit to the process of protecting indigenous rights. And in the case of this report, we’re talking about free, prior and informed consent. There are specific questions within the report that can help guide investors to that end.
Saldanha: If investors should choose to do so, how can they take action on these issues?
Hoffman: Well, by the very nature of being an investor, you are an owner of the business, and with that comes rights. And the investor’s voice is the ability to vote for or against management, management’s compensation, the board of directors and its composition, et cetera. And as an investor you can choose to use this right, or you can invest with a manager that takes issues involving the environment, social issues and governance seriously.
Saldanha: Finally, based off of the findings of this report what actions will Leith Wheeler take in your energy and mining holdings? How will you address indigenous rights issues in your portfolios?
Hoffman: Yeah, that’s a really big question. Responsible investing has been something that my firm has been a part of for the last 40 years now and the focus has always been about protecting our investors, our clients. We look to companies that manage their environmental footprint. We look for businesses with good safety records and protocol and management committees that are having their compensation tied to it. We want the best for our investors and since diversity has been proven to be an important ingredient in the best-in-class decision making, we want that too. And prior to 2015 when the Truth and Reconciliation Commission first came out with its findings, diversity may have been the only aspect of indigenous rights that my firm recognized. But now, it is much more formalized as a part of our responsible investing framework. And I’m saying this to acknowledge the fact that responsible investing is a process, it’s a journey and it’s not an absolute.
And shining light on free, prior and informed consent saying that indigenous peoples have the right to self-determination is a cornerstone of the United Nations Declaration on the Rights of Indigenous People or UNDRIP as well a cornerstone of the Truth and Reconciliation Commission’s findings and something that we feel very important that investors should understand and companies operating in these sensitive sectors should also understand as well. And that’s kind of a good final point is that we do not want to exclude businesses from our investment horizon. We want the best opportunities to look at for our clients. And so, it’s important for us that all businesses out there understand their responsibility and therefore funding this report through SHARE was so important to us.
Saldanha: Thank you so much for joining us today with your perspectives, Andrew.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
